https://www.taxtmi.com/caselaws?id=759575 ITAT Mumbai allowed the assessee's appeal against addition of Rs. 21,65,000 under section 69A for unexplained money. The addition was based on loose papers found during search proceedings at third party premises. While CIT(A) upheld the addition stating assessee failed to explain cash transaction's nature and source, ITAT found the amount was already disclosed by other Swastik group entities before ITSC and accepted. The tribunal held that adding the same amount in assessee's hands would constitute impermissible double taxation, directing AO to delete the addition. en-us Tue, 01 Oct 2024 00:00:00 +0530 Fri, 04 Oct 2024 08:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759575 ITAT Mumbai allowed the assessee's appeal against addition of Rs. 21,65,000 under section 69A for unexplained money. The addition was based on loose papers found during search proceedings at third party premises. While CIT(A) upheld the addition stating assessee failed to explain cash transaction's nature and source, ITAT found the amount was already disclosed by other Swastik group entities before ITSC and accepted. The tribunal held that adding the same amount in assessee's hands would constitute impermissible double taxation, directing AO to delete the addition. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759575